IEA Warns Europe Enters Winter with Lowest Gas Reserves Since 2013

According to the International Desk of Webangah News Agency, …

The latest report published by the International Energy Agency indicates that Europe is facing its tightest natural gas reserves entering the winter season since 2013, a vulnerable condition that could sustain upward pressure on global gas markets throughout 2027.

According to the agency, stored gas volumes across European Union facilities did not exceed 75 percent by the end of October. This level marks a decade low and falls short of the minimum 80 percent threshold previously established by the European Union.

A combination of factors has contributed to this precarious situation, most notably the closure of the Strait of Hormuz since the onset of the war against Iran in late February, which has severely disrupted liquefied natural gas imports into Europe.

This supply cutoff occurred while European gas storage facilities were already experiencing depleted inventories at the end of the previous winter. Following the outbreak of hostilities, market participants and gas buyers delayed procurement processes to refill reserves under the assumption that energy prices would decline, but market developments did not unfold as anticipated.

The International Energy Agency noted that the Strait of Hormuz remained largely closed throughout the summer months. Although gas injection into European Union member state storage facilities accelerated in August, September, and October, it failed to reach historical levels.

The total volume of gas injected into storage during the replenishment period remained approximately four percent lower than the five-year average recorded for the same timeframe. The agency warned that this dynamic increases the region’s reliance on the global liquefied natural gas market to meet peak seasonal demand, potentially heightening vulnerability to risks should the upcoming winter prove colder than expected or if further supply disruptions occur.